Question
Review the Journal of Accountancy Article: Ghost Goods: How to Spot Phantom Inventory 1. Why, from your perspective, is inventory so easy to inflate without
Review the Journal of Accountancy Article: Ghost Goods: How to Spot Phantom Inventory
1. Why, from your perspective, is inventory so easy to inflate without auditor detection?
2. Does overstated inventory affect just the balance sheet? Explain how it affects the balance sheet and any other financial statements.
3. Why do you think Mickey Monus got away withhis scheme for so long?
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Fundamentals of Financial Accounting
Authors: Fred Phillips, Robert Libby, Patricia Libby, Brandy Mackintosh
4th Canadian edition
978-1259269868, 978-1259103292
